Rocket mortgage squares: The housing market can be tricky to navigate— especially for first-time home buyers. But with the right information, support and budget, it’s not as scary as it might seem.
To assist you in your home buying journey, we’ve compiled some insider tips on how you can buy a home faster with Rocket Mortgage. If you’re interested in purchasing a home but don’t know where to begin, read on.
Buying a home is a huge investment — one that typically requires plenty of research and planning ahead of time. However, thanks to technology and updated programs from mortgage lenders, it’s easier than ever for prospective buyers to purchase real estate.
Whether you’re considering renting or buying soon, here are 10 tips that can help you get started with Rocket Mortgage to buy a home sooner rather than later.
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10 Tips To Help You Buy A Home With Rocket Mortgage
Home ownership is the American dream. But with mortgage rates on the rise, home prices climbing and credit standards tightening, it’s not as easy as it once was for aspiring home owners to buy that perfect first (or second or third) house. Even so, almost two thirds of Americans still want to own a home someday. If you’re among that group, here are 10 tips to help you buy a home with Rocket Mortgage from leading digital mortgage lender Quicken Loans.
Be sure you’re ready to buy
First and foremost, make sure you are financially ready to buy a house. That may sound obvious, but it’s the No. 1 reason people fall out of the home-buying process, often because they discover they don’t have enough money for a down payment. If you have decent credit and a steady income, there are several different types of government-backed loans available for first-time home buyers. For example, the FHA loan requires a down payment of just 3.5%. But keep in mind that if you get an FHA loan, it comes with additional costs and restrictions that you don’t see with conventional loans. Those additional costs, coupled with a higher minimum credit score requirement, make it difficult to qualify for an FHA loan.
Don’t wait until the last minute
One common regret among home buyers is that they waited too long to buy. Yes, buying a home takes time. You’ll want to shop around for the best mortgage rates and deal terms, and you’ll also want to make sure you are financially ready to buy. One of the most important things to do is get pre-approved for a mortgage so you can negotiate from a place of strength when it comes time to buy. Get your financing lined up at least 60 days before you plan to buy.
Shop around for a mortgage
If you’re serious about buying a home like homes near churches in Cobb County Georgia you’ll want to shop around for a mortgage. Mortgage rates are at historic lows, but they have been rising steadily since 2016 and are projected to continue climbing through 2020. If you wait until the last minute to shop for a mortgage, you stand to miss out on the best rates. And even a small increase in your mortgage rate will reduce the amount of home you can afford. Shop around for rates from several different lenders and ask for pre-qualification letters.
Know your credit score — and know how to improve it
You’ll need excellent credit to get a good mortgage loan rate, particularly if you plan to buy a house with a low down payment. Among the top 10 most common reasons home buyers don’t get approved for a mortgage are low credit scores and a lack of down payment funds. Your credit score is one of the most important numbers related to your mortgage. If you don’t know your credit score, you can get a free credit report from one of the three credit bureaus by going to AnnualCreditReport.com. Once you know your credit score, take steps to improve it before you start shopping for a mortgage.
Lock in an interest rate before you start looking
Interest rates are rising, and you should lock in an interest rate before you start looking for a home. The best way to do that is to get pre-approved for a mortgage. A lender can give you a rate based on the current mortgage market. If you are pre-approved, you can use that rate to negotiate the purchase price of a home. That way, if mortgage rates rise while you are shopping for a home, you won’t be at a disadvantage. You’ll have the confidence to go out there and make an offer based on the current market conditions.
Shop for the best home loan conditions — not just the lowest price
When you shop for a mortgage, it’s tempting to focus on the interest rate. But don’t forget about the other loan terms, including the fees and penalties. For example, most lenders require mortgage insurance if you make a down payment of less than 20%. The cost of mortgage insurance can add up to thousands of dollars. You should also look at the length of your loan. Longer-term mortgages have lower interest rates, but they also have higher monthly payments.
Know your real estate market before you start looking
Before you start looking for a home, you need to know your real estate market. If you’ve lived in the same place for a long time, you may be a little out of touch with what is available in your neighborhood. Any real estate agent will tell you that the three most important factors in home buying are location, location and location. You need a general idea of the price range where you want to buy, and you need to know what is available in the neighborhood.
Don’t be afraid to haggle
Yes, real estate agents work on commission and have an interest in closing a deal. But you’re the person who will be living in that house, so don’t be afraid to negotiate. Many buyers are nervous about haggling over the price of a house, but there’s no rule that says you have to accept the asking price. If you like a house, you can simply make an offer below the asking price. Your offer may be rejected, but it’s worth a try. If an offer is accepted, you’ve just saved yourself several thousand dollars.
Get your ducks in a row before you start looking for a lender
If you want to buy a home before 2020, you’ll need to get your ducks in a row before you start looking for a lender. Depending on how long it takes you to get pre-qualified, you may need to start shopping for a lender as soon as this summer. If you’re buying a house, you’ll want to find a lender that gives you a good rate and terms. To do that, you’ll want to make sure you are as prepared as possible before you begin searching for a lender. These are the 10 tips to help you buy a home with Rocket Mortgage. Now is a great time to buy a home as rates are low, but you have to be prepared. Make sure you are financially ready to buy, shop around for a mortgage and get your ducks in a row before you start looking for a lender.